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EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL (Tables) | 12 Months Ended
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Dec. 31, 2021
EARNINGS PER SHARE AND UNIT AND SHAREHOLDERS' EQUITY AND CAPITAL |
Summary of the elements used in calculating basic and diluted earnings per common share | Earnings per common share and shareholders’ equity ​ The following is a summary of the elements used in calculating basic and diluted earnings per common share: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the year ended December 31,
​ | ​ | ​ | 2021 | ​ | 2020 | ​ | 2019
​ | ​ | ​ | (dollars and shares in thousands, except per share amounts)
Net income | ​ | ​ | $ | 230,813 | ​ | ​ | $ | 167,611 | ​ | ​ | $ | 170,771
Noncontrolling interests in the Operating Partnership | ​ | ​ |  | (7,873) | ​ | ​ |  | (1,825) | ​ | ​ |  | (1,708)
Noncontrolling interest in subsidiaries | ​ | ​ |  | 542 | ​ | ​ |  | (165) | ​ | ​ |  | 54
Net income attributable to the Company’s common shareholders | ​ | ​ | $ | 223,482 | ​ | ​ | $ | 165,621 | ​ | ​ | $ | 169,117
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic shares outstanding | ​ | ​ |  | 203,832 | ​ | ​ |  | 194,147 | ​ | ​ |  | 190,874
Share options and restricted share units | ​ | ​ |  | 1,177 | ​ | ​ |  | 796 | ​ | ​ |  | 702
Weighted average diluted shares outstanding (1) | ​ | ​ |  | 205,009 | ​ | ​ |  | 194,943 | ​ | ​ |  | 191,576
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share attributable to common shareholders | ​ | ​ | $ | 1.10 | ​ | ​ | $ | 0.85 | ​ | ​ | $ | 0.89
Diluted earnings per share attributable to common shareholders (2) | ​ | ​ | $ | 1.09 | ​ | ​ | $ | 0.85 | ​ | ​ | $ | 0.88
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings per common unit and capital ​ The following is a summary of the elements used in calculating basic and diluted earnings per common unit: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the year ended December 31,
​ | ​ | ​ | 2021 | ​ | 2020 | ​ | 2019
​ | ​ | ​ | (dollars and units in thousands, except per unit amounts)
Net income | ​ | ​ | $ | 230,813 | ​ | ​ | $ | 167,611 | ​ | ​ | $ | 170,771
Operating Partnership interests of third parties | ​ | ​ |  | (7,873) | ​ | ​ |  | (1,825) | ​ | ​ |  | (1,708)
Noncontrolling interest in subsidiaries | ​ | ​ |  | 542 | ​ | ​ |  | (165) | ​ | ​ |  | 54
Net income attributable to common unitholders | ​ | ​ | $ | 223,482 | ​ | ​ | $ | 165,621 | ​ | ​ | $ | 169,117
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average basic units outstanding | ​ | ​ |  | 203,832 | ​ | ​ |  | 194,147 | ​ | ​ |  | 190,874
Unit options and restricted share units | ​ | ​ |  | 1,177 | ​ | ​ |  | 796 | ​ | ​ |  | 702
Weighted average diluted units outstanding (1) | ​ | ​ |  | 205,009 | ​ | ​ |  | 194,943 | ​ | ​ |  | 191,576
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per unit attributable to common unitholders | ​ | ​ | $ | 1.10 | ​ | ​ | $ | 0.85 | ​ | ​ | $ | 0.89
Diluted earnings per unit attributable to common unitholders (2) | ​ | ​ | $ | 1.09 | ​ | ​ | $ | 0.85 | ​ | ​ | $ | 0.88
​
| (1) | For the years ended December 31, 2021, 2020 and 2019, the Company declared cash dividends per common share/unit of $1.45, $1.33 and $1.29, respectively.
​
| (2) | The amounts of anti-dilutive options that were excluded from the computation of diluted earnings per share/unit as the exercise price was higher than the average share price of the Company for the years ended December 31, 2020 were 0.8 million. There were no anti-dilutive options for the years ended December 31, 2021 or 2019.
​
Schedule of common shares sold pursuant to equity distribution agreements | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31,
​ | ​ | 2021 | ​ | 2020 | ​ | 2019
​ | ​ | (dollars and shares in thousands, except per share amounts)
Number of shares sold | ​ | ​ | 4,982 | ​ | ​ | 3,627 | ​ | ​ | 5,899
Average sales price per share | ​ | $ | 40.57 | ​ | $ | 33.69 | ​ | $ | 33.64
Net proceeds after deducting offering costs | ​ | $ | 199,977 | ​ | $ | 120,727 | ​ | $ | 196,304

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